7. Automate Your Savings

"One of the things that people do a lot [in January] is think to themselves, 'Right I’m going to have a better regime, I'm going to save and at the end of every month I’m going to put whatever I have left over into that savings account," said Birtles. "But there’s never any money at the end of the month. What you have to do is put the money in in the beginning of the month."

Set up a standing order that goes into a savings account the day after pay day and you won't miss it. "Effectively, you pay yourself first," says Birtles. "Automating things at the beginning of the month, when you’ve got the money, is the best way to do it." Aim for five percent of your income.

Annual Savings: $2317 (based on saving five percent of the average US household income after tax, assuming one dependent child under 18).